Total Compensation of the Board of Management and the Supervisory Board, Advances and Loans

The compensation of the Board of Management comprises short-term payments, stock-based payments and post-employment benefits.

The following table shows the individual components of the Board of Management’s compensation according to IFRS. Further details are provided in the Compensation Report, which forms part of the Combined Management Report:

Change in value of existing entitlements to stock-based compensation (Aspire)

(923)

(641)

Total stock-based compensation (long-term incentive)

3,019

8,979

Service cost for pension entitlements earned in the respective year

3,902

3,907

Total long-term compensation

6,921

12,886

Severance indemnity in connection with the termination of a service contract

4,542

1,978

Aggregate compensation (IFRS)

27,575

26,168

In addition to the above compensation, actuarial gains of €245 thousand (2016: losses of €3,196 thousand) incurred in connection with pension obligations to the currently serving members of the Board of Management were recognized outside profit or loss. The losses in the previous year mainly resulted from the decline in the level of interest rates.

Pension payments to former members of the Board of Management and their surviving dependents in 2017 amounted to €12,758 thousand (2016: €12,800 thousand). The defined benefit obligation for former members of the Board of Management and their surviving dependents amounted to €184,479 thousand (2016: €188,850 thousand).

The compensation of the Supervisory Board amounted to €3,703 thousand (2016: €3,479 thousand).

In addition to their compensation as members of the Supervisory Board, those employee representatives who are employees of Bayer Group companies receive compensation unrelated to their service on the Supervisory Board. The total amount of such compensation in 2017 was €767 thousand (2016: €939 thousand).